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  #181  
Old Posted Feb 10, 2015, 1:51 PM
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http://forum.skyscraperpage.com/forumdisplay.php?f=323

News Corp. to consider moving locations once lease expires




By Steve Cuozzo
February 9, 2015


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News Corp and 21st Century Fox, the separate media giants controlled by Rupert Murdoch, are weighing options for a new Manhattan headquarters when their Midtown leases expire in 2020, sources said.

Possibilities under consideration include moving both companies into a newly constructed office tower, most likely at the World Trade Center or at one of several Hudson Yards sites.

Officials of neither company would comment. But a source familiar with the executives’ thinking said, “21st Century Fox Co-chief Operating Officer James Murdoch and CFO John Nallen are leading a review in consultation with News Corp senior management.”

It was understood Monday night that while the companies’ precise future space needs hadn’t yet been determined, it was “in excess of 1 million square feet” — likely more than their current, combined 1.2 million square feet under several different leases at 1211 and 1185 Sixth Ave.

If 21st Century Fox and News Corp opt for a new headquarters, it could be good news for two major developers. Larry Silverstein needs an anchor tenant to get 2 World Trade Center out of the ground, and Related Cos.’ chief Stephen Ross, who has two Hudson Yards towers going up, needs tenants to start work on two more that are planned.


However, a source cautioned that no decision has been made, and both 21st Century Fox and News Corp might stay in their current Sixth Avenue homes.

While five years remain on their current leases, that is not very long to devise a large and complex real estate strategy for technologically sophisticated media companies and affecting thousands of employees — especially if they decide to go to a brand-new building elsewhere.

News Corp divisions at 1211 and 1185 Sixth Ave. include Dow Jones, which publishes the Wall Street Journal, and the New York Post.
Divisions of 21st Century Fox include Fox News Channel, Fox Sports and some film and broadcast television units.
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  #182  
Old Posted Mar 13, 2015, 3:03 PM
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http://www.nytimes.com/2014/10/29/ny...wers.html?_r=0

JPMorgan Chase Drops Plan to Build 2 West Side Towers

By CHARLES V BAGLI
OCT. 28, 2014


Still more to the table...


http://www.bloomberg.com/news/articl...-office-market

Large Banks Getting Back Into Manhattan’s Office Market


MARCH 12, 2015
David M Levitt


Quote:
Big banks, the once-dominant industry for Manhattan landlords, are getting back in the office market and searching for new space after years of weathering the fallout of the financial crisis.

Deutsche Bank AG is in the market for about 1 million square feet of space, enough to anchor a new building. HSBC Holdings Plc is seeking as much as 700,000 square feet for its primary New York offices. Wells Fargo & Co. wants about 300,000 square feet to house some of its most productive investment bankers.

Manhattan landlords are again courting financial firms after the industry retreated to the sidelines in recent years, with technology and media companies driving leasing. Banks are looking for space that will allow them to shrink their footprint to control costs, consolidate employees from far-flung locations or update outdated quarters, said Michael Cohen, tri-state regional president for brokerage Colliers International.

.....Banks are “primed” to come back into the market, in part because of consolidations or lease expirations coming up, according to Marc Holliday, chief executive officer of New York-based SL Green Realty Corp., the city’s biggest office landlord.

.....Deutsche Bank is considering whether to depart, stay or scale back at its U.S. headquarters at 60 Wall St., a 1.66 million-square-foot tower it fully occupies and once owned, said two people with knowledge of the matter. The biggest German bank told landlords last year it is seeking at least 1 million square feet, said the people, who asked not to be identified because the discussions are private.

The Frankfurt-based company’s lease at 60 Wall, owned by Paramount Group Inc., runs to 2022, according to a person with knowledge of the agreement. That gives the bank time to consider new skyscrapers planned for the nearby World Trade Center or the Hudson Yards area west of Midtown, and could be completed around that time.

If Deutsche Bank chooses to stay, its offices, which were installed when it bought the building in 2001, would need extensive remodeling, one person who has seen the space said. The bank sold the tower to Paramount in 2007 for $1.18 billion, and agreed to remain there for another 15 years.

“We will not speculate on the location of our regional headquarters beyond 2022,” Renee Calabro, a Deutsche Bank spokeswoman, said in an e-mail. “However, as one of the largest foreign banks in the U.S., we remain committed to New York City.”

.....Other banks with leases ending early in the next decade include BNP Paribas SA, France’s largest lender, which has its main New York office at the Equitable Building at 787 Seventh Ave. in Midtown. The Paris-based bank last year issued a request to landlords for new offices, two people with knowledge of the matter said.

A BNP Paribas spokeswoman, Cesaltine Gregorio, said the bank was one of the tower’s original tenants when the building opened in 1986. She declined to comment on the company’s plans, as did Discretion Winter, a spokeswoman for the building’s owner, AXA SA.

HSBC, Europe’s biggest bank, faces a 2021 expiration of its lease at 452 Fifth Ave., an office tower south of the landmark New York Public Library building in Midtown, where it has about 313,000 square feet, according to data from research firm CoStar Group Inc. The London-based bank also has about 312,000 square feet of offices spread across four other Manhattan properties.

HSBC issued a request for proposals for 500,000 to 700,000 square feet, according to a person with knowledge of the effort. A spokeswoman for IDB Development Corp., the building’s Tel Aviv-based co-owner, declined to comment.


A decision to move large parts of an investment bank is a process that can take many years. It often starts with an internal study, determining the needs of individual units and the commuting patterns of their workers. Then, companies will identify suitable buildings and sites, and send out requests for proposals. Finally comes the selection of top choices, which sometimes may involve not just the bank, its landlord and brokers for each, but also city and state officials intent on keeping the bank as part of the local economy.

Some companies may decide to stay put, even though it’s more expensive to retrofit existing space than to relocate, especially to a new building, according to Tighe of CBRE. That’s because those costs can be spread over a longer stretch of time, she said.

.....JPMorgan, the world’s biggest investment bank, last year decided to keep its headquarters at its four-building Park Avenue campus just north of Grand Central Terminal, after a flirtation with Related Cos. to occupy two new towers at Hudson Yards.

The bank did agree late last year to take 122,000 square feet at Brookfield Property Partners LP’s 5 Manhattan West, a former industrial building west of Penn Station, to house some of its technology staff. The landlord is revamping the tower as part of its Manhattan West project, where plans call for more than 5 million square feet of new high-rise construction.

Wells Fargo is weighing its options at three of its New York office locations -- the landmark Seagram Building on Park Avenue and smaller spaces at 540 Madison Ave. and 640 Fifth Ave. -- where leases expire in early 2021, said Kevin Friedlander, a spokesman.

The San Francisco-based bank is looking for 200,000 to 300,000 square feet, according to people with knowledge of the matter. It’s expected to stay at the Socony Mobil Building on East 42nd Street, the base of its New York operations, where it has 372,000 square feet, CoStar data show.

.....The larger the need, the fewer options there are, even with new towers rising at Hudson Yards and the trade center, as well as SL Green’s 1 Vanderbilt project near Grand Central, said Greg Kraut, a principal at Avison Young, a brokerage with offices in New York. Toronto-Dominion Bank’s TD Bank unit last year agreed to locate a 200,000-square-foot regional headquarters there.

A bank could miss out on the right space if it doesn’t get moving, Kraut said.

“There’s a lot of pent-up demand,” he said. “There’s a sense that if we don’t so something now, are we missing the boat?”
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  #183  
Old Posted Mar 13, 2015, 3:19 PM
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Hmmm.. so good news and bad?
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  #184  
Old Posted Mar 13, 2015, 3:21 PM
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Originally Posted by Zapatan View Post
Hmmm.. so good news and bad?
I don't see any bad news.
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  #185  
Old Posted Mar 13, 2015, 8:30 PM
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There’s a lot of pent-up demand,” = Good news.
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  #186  
Old Posted Mar 13, 2015, 9:30 PM
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^ That's right. And even though some will probably stay where they are, it makes more sense to consolidate where possible, which usually means a new tower that has more space. Then there is the issue of time. Some of these sites require demolition, and in the case of 15 Penn, the need to close the hotel. So a lease expected to run out in 5-7 years doesn't leave a lot of time for planning.


Quote:
The larger the need, the fewer options there are, even with new towers rising at Hudson Yards and the trade center, as well as SL Green’s 1 Vanderbilt project near Grand Central, said Greg Kraut, a principal at Avison Young, a brokerage with offices in New York. Toronto-Dominion Bank’s TD Bank unit last year agreed to locate a 200,000-square-foot regional headquarters there.

A bank could miss out on the right space if it doesn’t get moving, Kraut said.

From the article....

-Deutsche Bank AG is in the market for about 1 million square feet of space, enough to anchor a new building.

-HSBC Holdings Plc is seeking as much as 700,000 square feet for its primary New York offices.

-Wells Fargo & Co. wants about 300,000 square feet to house some of its most productive investment bankers.

-Toronto-Dominion Bank’s TD Bank unit last year agreed to locate a 200,000-square-foot regional headquarters to 1 Vanderbilt

But there's still the matter of other space hunts on in the city, including the previous one above...

-News Corp and 21st Century Fox, the separate media giants controlled by Rupert Murdoch, are weighing options for a new Manhattan headquarters when their Midtown leases expire in 2020, sources said......It was understood Monday night that while the companies’ precise future space needs hadn’t yet been determined, it was “in excess of 1 million square feet” — likely more than their current, combined 1.2 million square feet under several different leases at 1211 and 1185 Sixth Ave.

If 21st Century Fox and News Corp opt for a new headquarters, it could be good news for two major developers. Larry Silverstein needs an anchor tenant to get 2 World Trade Center out of the ground, and Related Cos.’ chief Stephen Ross, who has two Hudson Yards towers going up, needs tenants to start work on two more that are planned.
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  #187  
Old Posted Jun 4, 2015, 2:28 AM
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Someone from Related who works on the HY informed me today that the whacky model with the residential and office towers sharing a base is not happening. It will be one super tall tower on the McD site when they get a tenant.
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  #188  
Old Posted Jun 4, 2015, 3:15 AM
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Spectre0000

Someone from Related who works on the HY informed me today that the whacky model with the residential and office towers sharing a base is not happening. It will be one super tall tower on the McD site when they get a tenant.
That never made sense anyway. The large office floorplates are why this district was created. Related has another whole half of the railyards to play "residential" with.
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  #189  
Old Posted Jun 5, 2015, 1:43 AM
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I agree. I like the initial proposal with all of the setbacks.


http://therealdeal.com/blog/2015/06/...on-the-market/
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  #190  
Old Posted Jun 5, 2015, 3:15 AM
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Originally Posted by JR Ewing View Post
I agree. I like the initial proposal with all of the setbacks.


http://therealdeal.com/blog/2015/06/...on-the-market/
It was okay... not super elegant though. I don't really think it fit with the complex. But whatever it's Hudson Yards, they'll redesign it another 45 times probably so the final should be something halfway decent.
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  #191  
Old Posted Jun 5, 2015, 6:56 AM
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I didn't like the proposal at all. It looked like a re-hash of the old boxes from the 1960s and 1970's that dominate the lower manhattan waterfront. I hope they put up a more interesting design. That hideous wedding-cake building is not worthy of the futuristic looking area known as HY, in fact it would detract from it with its clunky old-fashioned form.
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  #192  
Old Posted Aug 30, 2015, 12:57 AM
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It's Retro

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Originally Posted by aquablue View Post
I didn't like the proposal at all. It looked like a re-hash of the old boxes from the 1960s and 1970's that dominate the lower manhattan waterfront. I hope they put up a more interesting design. That hideous wedding-cake building is not worthy of the futuristic looking area known as HY, in fact it would detract from it with its clunky old-fashioned form.
What is old is new again.
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  #193  
Old Posted Aug 30, 2015, 1:39 AM
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I didn't like the proposal at all. It looked like a re-hash of the old boxes from the 1960s and 1970's that dominate the lower manhattan waterfront. I hope they put up a more interesting design. That hideous wedding-cake building is not worthy of the futuristic looking area known as HY, in fact it would detract from it with its clunky old-fashioned form.
That's ridiculous. It's a gorgeous design. Anyway, if News Corp signs on at 2 WTC, I doubt that Related would use this design given the similarity.
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  #194  
Old Posted Aug 31, 2015, 1:11 AM
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That's ridiculous. It's a gorgeous design. Anyway, if News Corp signs on at 2 WTC, I doubt that Related would use this design given the similarity.
There's nothing 'ridiculous' about my opinion on a subjective subject like design. The tower was a hideous dinosaur and belongs dead as a dino!
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  #195  
Old Posted Aug 31, 2015, 2:54 AM
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There's nothing 'ridiculous' about my opinion on a subjective subject like design. The tower was a hideous dinosaur and belongs dead as a dino!
It's true that opinions are completely subjective, but also true that 2 WTC is an almost universally lauded design among the people who count (all the other WTC-area architects and power players).

So your opinion, while perhaps not ridiculous, can be safely dismissed as irrelevant.
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  #196  
Old Posted Aug 31, 2015, 5:45 AM
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It's true that opinions are completely subjective, but also true that 2 WTC is an almost universally lauded design among the people who count (all the other WTC-area architects and power players).

So your opinion, while perhaps not ridiculous, can be safely dismissed as irrelevant.
Don't know what your talking about, pal. I'm talking about 50 HY. LOL. Perhaps learn to read carefully before getting on that high horse.

Last edited by aquablue; Aug 31, 2015 at 7:11 AM.
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  #197  
Old Posted Sep 1, 2015, 12:08 AM
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Related closes on Hudson Yards site for $30M

Developer went into contract at 507-511 W. 33rd in 2012
August 31, 2015 05:24PM
By E.B. Solomont

Quote:
- See more at: http://therealdeal.com/blog/2015/08/....egGmpAur.dpuf

The Related Cos. closed on another Hudson Yards site for $30 million, property records filed with the city Monday show. The site, located at 507-511 West 33rd Street, houses a five-story manufacturing building that measures just over 36,000 square feet. Under the current zoning, Related can put up a building of 79,000 square feet, or possibly more if the developer buys Hudson Yards building bonuses. The firm entered into contract for the site in May 2012, according to the deed, and closed on the buy Aug. 12. - See more at: http://therealdeal.com/blog/2015/08/....egGmpAur.dpuf
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  #198  
Old Posted Sep 4, 2015, 9:15 PM
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^ thats kind of a cool looking and very typical type of building for the area. i wonder what they will do? think hard and thoughtfully incorporate it or just knock it down for a glass something something.
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  #199  
Old Posted Sep 5, 2015, 1:25 AM
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It's part of the assemblage for 50 Hudson Yards -- this will be demo'd.
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  #200  
Old Posted Oct 5, 2015, 8:37 PM
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Sale of far West Side McDonald's paves way for yet another Hudson Yards tower

Daniel Geiger
October 5, 2015

Quote:
The Related Cos. has acquired a McDonald's on the far West Side of Manhattan, paving the way for a mega-tower or a pair of super-tall skyscrapers at Hudson Yards.

McDonald's is closing its location at the corner of West 34th Street and 10th Avenue. Related is purchasing the site from the restaurant chain, which has owned it for decades, for an undisclosed sum. McDonald's filed a notice with the state at the end of September announcing that it plans to lay off all 65 employees at the location by the end of the year.

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